Topic: El Salvador has become the first country to make #Bitcoin legal tender! 🇸🇻 - page 55. (Read 43288 times)

Additional to this, there's a thread created by @fillippone https://bitcointalksearch.org/topic/m.59983444 on bitcoin adoption as a legal tender in Central African Republic, it's another discussion thread for CAR bitcoin discussion and it adoption as a legal tender in the country, ever since, there have been more insight and careful observations on many countries anticipating in making bitcoin a legal tender even though there haven't been a cognate conclusion on their decision for that, but we have many aspiring countries, while this thread is majorly focused on bitcoin adoption in El-Savador  as a legal tender open discussions, we are still expecting more of this adoption from many other countries over time as a gradual approach for global adoption as a legal tender.

Here's what I think.  It is simply difficult and unusual for all those Salvadorans who work in the USA and accordingly receive a salary in $ to buy in the USA BTC and then send it to relatives in El Salvador itself.  
Firstly, losses on commissions when buying BTC in the USA.  
Secondly, relatives also have to somehow cash out BTC into cash dollar bills.  And even though there are no conversion fees in Chivo, it can still lead to some losses.  So it turns out that few El Salvadors use this translation method.  
Therefore, the percentage of such transfers is small.  
Maybe, taking into account BTC transactions not taken into account in the statistics, it is somewhat larger than these, 1.2 or 1.7%, but it is still small.  In addition, it should be borne in mind that this article was published in one of the main newspapers of El Salvador.  
However, it seems to me, and not without reason, that this is a newspaper that is opposed to President Bukele and often criticizes him.  
Naturally, correspondents of this newspaper  (La prensa grafica) also criticize everything related to Bukele's initiative about BTC.  
So, in reality, the numbers of transfers can be even higher, maybe even 3-4%, which, in my opinion, is a very good adoption, taking into account the current general technological level of development of El Salvador itself.  

And in general, let's be more optimistic about this Bukele initiative.  
He is a brave president and definitely does everything he can for the benefit of the people of this country.  

Yes, there is another country, The Central African Republic (CAR) has become the second country after El-Salvador in taking a bold step towards adopting Bitcoin. The parliament of CAR passed bill in 2022 to legalize Bitcoin. There are many other nations considering acceptance of Bitcoin for cross border including Russia. Reports suggest that Russia is also considering accepting Bitcoin as payment method for its commodities sales like oil.

https://www.cnbctv18.com/cryptocurrency/bitcoin-as-legal-tender-5-countries-that-could-be-next-in-line-to-adopt-15228761.htm

https://www.cnbc.com/2022/04/28/central-african-republic-adopts-bitcoin-as-legal-tender.html#:~:text=The%20Central%20African%20Republic%20has,a%20statement%20from%20the%20presidency.

Totally not to be forgotten considering that this is the first place on this whole globe who had decided on making Bitcoin as a legal tender, it might not be able to generate that huge volumes which most people been

anticipating but at least they have that able to apply such options which its not shocking that people around or citizens arent really that getting used to it or not really that interested.Sooner or later when
the market tends to hype up or having that bullish sentiment then i doubt that those citizens would really be having that change of heart or mindset on the time that it is really that mooning. On the time that they have realized that they had missed out on having that profits on short year duration then this is where regrets do start.

Just a side question, is there any country or place which did make the same action on what El Salvador did? Like making Bitcoin as a legal tender?

The source article does not seem to specify its methodology including how it is measuring bitcoin wallets.. and who gives any shits about crypto wallets.. .. but like you mentioned Wiwo, it seems a bit difficult to measure transfers that are taking place within private wallets, and then maybe there would be some kind of reflection in the cashing out of the money (or the purchasing of goods/services) after the money were to come from outside of El Salvador and then reaching its destination person.

So if they are measuring bitcoin wallets from various kinds of central services and then saying that it only went up to 1% or 2% of the total that is being transferred, even though such capacities have been added to those third party wallets.  It may well be interesting to figure out if there might be some kind of a methodology that might be in the ballpark of accurate rather than mere spinning of the topic in order to suggest that nothing is happening in El Salvador in respects to bitcoin. 

To proclaim that even though bitcoin has come into the El Salvador space, Salvadoreans are going on with their lives and choosing dollars and they are not using the bitcoin services or getting involved in bitcoin... which seems to be a questionable assertion to suggest that a government's announcement and actions to liberalize abilities to use bitcoin is not resulting in any kind of significant/meaningful increased bitcoin usage.

We shouldn't be surprised at all seing things like this because many are not happy about El-Savador's bitcoin adoption and yet they want to create other negative impression to lead a massive distrust in the era of Nayib Bukele administrative led, this is more of a political propaganda against El-Savador aimed at their president to use the people against the continuous growth and support they have always render towards bitcoin adoption, it's no longer much about what the news says anymore but what the intended target gives to the public, if El-Savador could declare they are progressing well with bitcoin adoption, who are the bad actors in this, shaking the pillars by creating fake news about El-Savador.


Because government have regulations over the financial institutions whereby they remit a monthly allocation to them as part of their agreed and signed MoU, government will always support using the local transaction payments even though they know that bitcoin is far better all these because it solve the problem with high transaction fee, any news should be verified before we could act or take necessary steps on them and every El-Savadoran outside the country should verify information from those within before acting on anything from the media.

How was the static collected in the first place,  I am sure the anti-El Salvador Bitcoin crusaders have employed the means of cutting out the vast majority of Bitcoin users who use decentralized networks to move money around in And out of the country,  what is normally used for this shady statices are tools and data that does not reflect the actual reality of El Salvador Bitcoin usage and international money inflows via Bitcoin.

Such arguments are always expected but majority pf the expects know that Bitcoin transactions can not be 100% monitored and if this survey use the Chivo wallet as a toll for this statics,  it then means that they have used a totally wrong tool and won't the accurate results just like they did in this situations.

Certainly, it is unfair and unjust to blame EL-Salvador for its failure to boost adoption of Bitcoin and relatively lower volumes of local and cross border transactions.It would be rather more appropriate to recognize and appreciate for their proactive and courageous step taken by its political leadership in embracing Bitcoin as method of payment. The role played by El-savador Nayib Bukele will be imprinted in the annals of history and remembered for generations to come.

It does not seem fair to characterize the low adoption of bitcoin transfers into El Salvador as a complete failure, even though those numbers do show a pretty small usage of bitcoin to transfer value from other countries.

Unfortunately, there are disappointing statistics on money transfers from other countries to El Salvador using bitcoin.  If in the first half of 2022 such transfers accounted for 1.7% of all money transfers to the country, then in the first half of 2023 this figure dropped to 1.2%.  Only $46.7M was transferred using Bitcoin or other cryptocurrencies.  At the same time, $4019M was sent to the country by conventional means of money transfer.  So we have to admit that bitcoin payments, introduced by Bukele, who planned that the residents of El Salvador would save on commissions for money transfers, do not work at all yet. 
This is of course very upsetting and unpleasant. 
I understand that for many people in El Salvador working outside the country, apparently mainly in the USA, bitcoin transfers seem too complicated and not reliable.  Apparently, it is more convenient for them to transfer money to relatives in the usual ways and pay these unreasonably high commissions to those companies that deal with such transfers.
source

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Colleagues in our wonderful forum!  
Well, before writing some news from El Salvador related to the legalization of bitcoin, do not be too lazy to read the previous posts in this topic!  
The news about coffee from El Salvador has already been discussed at least twice.  

https://bitcointalksearch.org/topic/m.62647986

https://bitcointalksearch.org/topic/m.62664900

And here is the third same post with the same news.
 

But in any case, this is great and positive news, like almost all the news about the adoption and development of bitcoin payments in El Salvador!

EL Salvador: Coffee Bean to Blockchain



Bitcoin and blockchain will bring an important revolution in the field of agriculture in El Salvador because the Ministry of Agriculture and Livestock in El Salvador has approved an agreement with the world famous company "Making Coffee" that they will buy coffee beans from El Salvador. A good business relationship will develop. It is only for the Ministry of Agriculture and Animal Resources Not only will good relations develop between them, but Bitcoin and blockchain technology will be greatly developed in El Salvador. They have already completed 30,000 pounds of coffee bean transactions and they will complete coffee bean transactions throughout the year estimating that they will be able to deliver four million dollars worth of coffee beans throughout the year. Buyers must be able to use Bitcoin wallets to deliver coffee beans. Bitcoin wallet As will use Chivo Wallet. Indeed, El Salvador's breakthrough in agriculture deserves a lot of praise and the fact that they are prioritizing Bitcoin for the overall development of their country is incredible.

Although El Salvador's economic status is average, we consider it a developed country compared to other countries. Because this is the first country which has given the most priority to Bitcoin and they have filled the various shortages of the country with this Bitcoin. In that case, we have seen that El Salvador has advanced economically by using Bitcoin, if you look at the previous position of this country, you can certainly confirm that they have advanced economically by using Bitcoin. Not only economically but also educationally they have become the most developed state. Where el salbad starts from all products in their country and what government pay and pay through bitcoin they accept these transactions and payments for free. Since they are the most advanced in education, they can use new technology to build a more developed state. Although the government of El Salvador has the most eye on Bitcoin so they have invested heavily in Bitcoin to move forward economically. When the Bitcoin market turns into a bull market, we can definitely expect this country to have the highest economic growth.

I might have had gotten a bit into scrambled arguments, yet I suppose that I was trying to say that any governmental leader, whether Bukele or any other leader has duties to represent everyone, not just people from their demographics, since synchronym's post seemed to be suggesting some kind of an age-bias that Bukele would have had to appeal to young people blah blah blah.. so I was also suggesting that Bukele's high level of support likely shows that tend to believe that he's representing everyone..

and then I got into the prisoner situation.. which probably convoluted some of what I was saying.. so maybe I was trying to say too much and it's not even seeming to be completely that central to the overall theme of this thread in terms of the ramifications of making bitcoin legal tender.. even though the topics do somewhat relate. 

In that particular post, I was not even trying to get into anything related to the Binance situation, but I don't mind saying something about the Binance situation, which is  that I think that various kinds of relationships are likely needed to be made in terms of which services are made available in the country, and surely any bitcoin related service operating in the country would need to follow the laws of that country.. so I am not sure why people are getting into such a huff about whether it is a good idea for Bukele to agree to Binance coming into the country and receiving certain kinds of licenses to operate there, which may well include trading shitcoins... El Salvador might not be into shitcoins (which it seems that it is not), but on the face of it, the mere fact that Binance allows for shitcoin trading seems like a pretty big "so what?" to me..

I don't get it clearly what you mean by Bukele trying to segregate some segment of the entire El Salvador citizens in some area as regards some financial inclusions but then I also have to forced myself to align myself with your level of conception to be able to assume what you mean by that and in my assumption I believe that you are talking in regards the El Salvador government collaboration with centralized exchange Binance to provide exchange service to the El Salvadorian citizens.

But to what limit that collaboration will hinder the success and freedom that Bitcoin represent to the citizens,  but all the way the president as the authority pf the land has to spearhead the promotion and proper arrangement that will give all the citizens an alternative to the highly inflated fiat currency system,  offering them the decentralized freedom that come in-between.

Seems to me that a leader should both represent and appear to represent all of the people and not just people who agree with him or are the same age as him.  Probably part of the reason that Bukele has high approval ratings in the arena of 92% is because there is largely a perception that he is trying to represent everyone.. even while he is taking steps to lock up a lot of people, so surely he would not necessarily be representing the interest of those people, even though he likely has responsibilities that he is not unduly locking up innocent people and that there are due process mechanisms in place in order to make sure that innocent people are not getting punished.. .which is frequently a risk when drag-net type operations are carried out...and don't get me wrong, I don't have enough information to conclude that appropriate balances have not been accomplished and ongoingly being worked out in regards to what some folks consider to be draconian measures to achieve better senses of public safety.

Source link: https://twitter.com/BitcoinMagazine/status/1694372875161989446?t=VVhTAHNliItaEbxE54BYng&s=19

Bitcoin Magazine shared a report that the government of El Salvador has received Bitcoin Little Holder Nayib Bukele and expressed joy. Nayib Bukele is one of the most successful people in the government of developed countries to adopt Bitcoin because he has been successful in everything since adopting Bitcoin. Since adopting Bitcoin, El Salvador has benefited the people of El Salvador in many other ways such as crime free, high education rate, Bitcoin education, tax free on Bitcoin transactions, etc. All these things make Nayib Bukele happy and I hope he will get more big rewards in the future.

For now, it is in El Salvador that there are many concrete steps being taken by the government to encourage literacy or increase the insight that is being carried out by the government for its citizens very seriously. Bitcoin schools and so on are clear evidence that they adopt bitcoin as a legal tender with full consideration and not just on a speculative basis. Well I wish more countries followed El Salvador. Although there are already some who follow it. But I hope for more in the future.

Aside from the point you raised being the exposure of Bitcoin users to government regulation through the exchange being one of the major setbacks with the introduction of centralized exchange as a licensed exchange within the El Salvador territory, It becomes more evidence that this development may not witness a lot of Welcome adoption among Bitcoin users in El Salvador most especially those Bitcoin users who know the advantages of self custody of your bitcoin and also privacy adherents.

Also aside from that,  I won't accept the total reliance on a centralized exchange like Binance since it is not your key, not your Bitco This may become a toxic approach for Bitcoin holders,  anyway this will give newbies access to own their Bitcoins easily,  but aside from that it centralized nature makes it risky to be left unchecked unless if you want to also use the p2p feature on the exchange which in El Salvador case it is not needed since one can easily make a sell or purchase of Bitcoin directly from banks in El Salvador.

The only advantage of the collaboration between El Salvador and the Binance exchange is that it allows for more mainstream Bitcoin promotions since El Salvador adopted Bitcoin as an official cryptocurrency as an alternative to fiat so all the adverts within this right will be focused on Bitcoin.